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Governor Lesetja Kganyago

 

Speeches

 

 
About      

Lesetja Kganyago was appointed Governor of the SARB with effect from 9 November 2014 and was reappointed by the President of South Africa for a second five-year term in 2019, with effect from 9 November 2019 to 8 November 2024.

The President has reappointed Mr Kganyago for a third five-year term, which commences on 9 November 2024 and concludes on 8 November 2029.
 

Media Engagement


 
Articles

July

News24 | Governor Lesetja Kganyago expressed support for the reappointment of Finance Minister Enoch Godongwana in the newly formed coalition cabinet. This continuity in leadership is seen as providing stability and reassurance to investors.

 

April

Reuters | Governor Lesetja Kganyago indicated that discussions with National Treasury about potentially lowering the inflation target were ongoing. He expressed a preference for establishing a new target before 2025.

News24 | Governor Lesetja Kganyago highlighted potential upside risks to South Africa's inflation outlook, mainly due to rising oil prices as well as the possibility of the United States Federal Reserve keeping interest rates higher for longer.

News24 | The South African Reserve Bank (SARB) emphasised the need to stick to its inflation target amid rising oil and food prices. Governor Lesetja Kganyago noted that the SARB’s target range is among the widest in the world.

News24 | Governor Lesetja Kganyago conveyed his desire to expand the Monetary Policy Committee (MPC) from six to seven members to prevent voting deadlocks on interest rate decisions.

News24 | Governor Lesetja Kganyago expressed scepticism about the positive economic impact of the nine-day break from load-shedding, which ended on 26 March 2024. In March, the SARB forecast economic growth of 1.2% for 2024.

BusinessLIVE | Governor Lesetja Kganyago highlighted ongoing risks to the country's inflation outlook despite data showing a slight decline in headline inflation in March 2024.

 

February

Financial Times | Governor Lesetja Kganyago emphasised the need for continued vigilance against inflation despite other emerging markets having cut interest rates. He noted that the country's growth issues are rooted in supply-side and structural problems, not demand issues.

October

Moonstone | Governor Lesetja Kganyago gave his views on the feasibility of a new currency established by the Brazil, Russia, India, China and South Africa (BRICS) alliance. He said the proposal to create a BRICS currency is reminiscent of past political projects.

Moneyweb | Governor Lesetja Kganyago said the SARB had more work to do to rein in inflation, which remained elevated amid risks to the price-growth outlook, including higher food and fuel costs.

 

July

SABC | Governor Lesetja Kganyago highlighted the significant impact of load-shedding on South Africa’s economic growth, estimating that supply disruptions would shave approximately two percentage points from growth in 2023.

 

April

News24 | At the Peterson Institute for International Economics in Washington,Governor Lesetja Kganyago emphasised the need for significant macroeconomic reforms to stimulate growth in South Africa. He specifically called for the deregulation of the transport and electricity sectors.

CNBC Africa | Governor Lesetja Kganyago spoke with CNBC International about the complexities of the SARB's monetary policy amidst global economic uncertainties.

BusinessLIVE | Governor Lesetja Kganyago reaffirmed that inflation would return to the SARB’s 3% to 6% target range by the fourth quarter of 2023despite an unexpected rise in food prices.

Business Times | Governor Lesetja Kganyago defended the MPC against accusations of being too hawkish. He highlighted the importance of the SARB's inflation-targeting approach to maintain low and steady inflation and preserve the rand's value.

Business Day | Governor Lesetja Kganyago emphasised the need for politicians to make difficult fiscal decisions to uphold budgetary credibility amid significant debt burdens.

January

CNBC Africa | Governor Lesetja Kganyago discussed the structural nature of South Africa's high unemployment rate. He contended that the SARB lacks the tools to directly address job creation, suggesting that reforms in the education system are necessary.

 

 
Video

July

Bloomberg | Governor Lesetja Kganyago spoke to Bloomberg's Francine Lacqua about inflation, interest rates and the reappointment of Enoch Godongwana as Finance Minister.

European Central Bank | Governor Lesetja Kganyago discussed issues facing the international financial system with President of Dutch central bank, De Nederlandsche Bank, Klaas Knot.

April

SABC | Governor Lesetja Kganyago joined SABC News Economics Editor Tshepo Mongoai to talk about his reappointment as South African Reserve Bank (SARB) Governor for another five-year term.

CNBC Africa | CNBC Africa’s Fifi Peters sat down with Governor Lesetja Kganyago to discuss his priorities following his reappointment.

CNBC Africa | Governor Lesetja Kganyago spoke with CNBC’s Karen Tso at the International Monetary Fund (IMF) Spring Meetings about South Africa’s economy and what is needed to improve the country’s growth and inflation prospects.

Bloomberg | In an interview, Governor Lesetja Kganyago contended that it was too early to discern a downward trend in South Africa’s inflation rate following a downside surprise in the country’s inflation data.

January

Bloomberg | Governor Lesetja Kganyago joined Bloomberg Television at the World Economic Forum 2024 Annual Meeting in Davos, Switzerland, for an interview about inflation targeting and the possibility of interest rate cuts.

CNBC Africa | CNBC Africa’s Fifi Peters spoke to Governor Lesetja Kganyagoon the sidelines of the World Economic Forum Annual Meeting about South Africa's 2024 growth plans.

October

eNCA | Governor Lesetja Kganyago spoke with eNCA's Dan Moyane aboutthe cost of living in South Africa.

Newzroom Afrika | Governor Lesetja Kganyago joined Newzroom Afrika live in studio to speak about monetary policy and state of South Africa’s economy. He disputed the view that the SARB’s tightening had been overly aggressive.

PSG Financial Services | As part of the PSG Think Big series, GovernorLesetja Kganyago spoke with financial journalist Alishia Seckam about the South African economy and the impact of monetary policy.

SABC | In a one-on-one conversation with Unfiltered presenter Sizwe Mpofu-Walsh, Governor Lesetja Kganyago responded to criticism that the SARB was overzealous in its efforts to rein in inflation.

CNBC International | At the annual IMF Meetings in Marrakech, Morocco, Governor Lesetja Kganyago told CNBC that the SARB was prepared to actgiven elevated inflation.

September

SABC News | In an interview with SABC News Economics Reporter Glorious Sefako-Musi, Governor Lesetja Kganyago explained the SARB’s cautiousness despite inflation having slowed.

University of Limpopo | Governor Lesetja Kganyago delivered a lecture titled ‘Dealing with the high cost of living: South Africa’s experience’ at the University of Limpopo.

August

Bloomberg | Speaking on the sidelines of the Federal Reserve Bank of Kansas City’s Annual Economic Policy Symposium in Jackson Hole, Wyoming, Governor Lesetja Kganyago discussed the implications of exchange rate weakness on the inflation outlook.

July

SABC | Governor Lesetja Kganyago delivered the 2023 Michel Camdessus Central Banking Lecture at the IMF in Washington, DC.

June

CNBC International | On the sidelines of the ECB Forum on Central Banking in Sintra, Portugal, Governor Lesetja Kganyago contended that the SARB’s monetary stance was appropriate to tame inflation and insulate the economy against its adverse effects.

May

University of Johannesburg (UJ) | UJ College of Business and Economics hosted a special lecture by Governor Lesetja Kganyago where he gave hisperspective on the headwinds to the global economy.

April

Peterson Institute for International Economics (PIIE) | In the lead-up to the IMF and World Bank Spring Meetings, the PIIE spoke with Governor Lesetja Kganyago about the responses of emerging markets to external inflation shocks.

CNBC International | In an interview, Governor Lesetja Kganyago discussedthe SARB’s surprise move to hike interest rates as well as concerns about movements in the rand.

March

Wits University | In a discussion facilitated by Professor ImraanValodia, Governor Lesetja Kganyago and Professor Adam Tooze debated the role of central banks in the wake of developments in the international economic and financial system.

January

The Nielsen Network | In an interview with Chief Executive Officer of The Nielsen Network Bronwyn Nielsen, Governor Lesetja Kganyago explained his upbeat outlook on South Africa's prospects.

CNBC International | In an interview on the sidelines of World Economic Forum’s 2023 Annual Meeting in Davos, Governor Lesetja Kganyago said the SARB would remain vigilant in the wake of inflationary pressures.

Arise News | ARISE News spoke to the Governor Lesetja Kganyago about his thoughts on the global economy, the impact of inflation targeting, Eskom and his outlook for 2023.

 
Audio

October

Breakfast with Bongani Bingwa | Governor Lesetja Kganyago pays tribute to the late former Minister of Finance and former Governor of the Reserve Bank Tito Mboweni.

September

The Morning Brief with Thulasizwe Simelane | Governor Lesetja Kganyago talks about the Reserve Bank's war on inflation and implications for when indebted South Africans may look forward to interest rate cuts.

June

The Money Show with Bruce Whitfield | In an interview with Bruce Whitfield, Governor Lesetja Kganyago talked about what he believes will accelerate South Africa's economic growth.

Bloomberg Talks | Governor Lesetja Kganyago spoke with Jonathan Ferro following the release of South Africa’s May inflation data. During the interview he discussed watching, and not following, the United States Federal Reserve as well as negative views impacting the rand.

March

The Money Show with Bruce Whitfield | In an interview with Brice Whitfield, Governor Lesetja Kganyago noted that South Africa’s economy scraped by with 0.1% growth at the end of 2023.

February

SAfm | Governor Lesetja Kganyago elaborates on National Treasury’s decision to withdraw a R150 billion from the R500bn Gold and Foreign Exchange Contingency Reserve Account (GFECRA) to reduce borrowing and its debt-service costs. The withdrawal will be governed by legislation.

January

METRO FM Talk with Faith Mangope | Governor Lesetja Kganyago spoke with Faith Mangope about the SARB's role in formulating and implementing monetary policy and ensuring financial stability. The focus of the discussion was the central bank's daily challenges and issues.

 

July

The Clement Manyathela Show | Governor Lesetja Kganyago in conversation Clement to discuss the primary mandate of the reserve bank and how the economic crisis has impacted interest rates.

ChannelAfrica | Governor Lesetja Kganyago and the Reserve Bank's MPC kept interest rates unchanged. Thus, indebted consumers in the country finally breathed a sigh of relief as reported by Naledi Ngcobo.

SAfm | SPECIAL BROADCAST - Governor Lesetja Kganyago Reserve Bank and MPC briefed the public.

Deputy Governors


Ms Nomfundo (Fundi) Tshazibana
Deputy Governor and
CEO: Prudential Authority

Dr R (Rashad) Cassim
Deputy Governor

Dr M (Mampho) Modise
Deputy Governor 

All powers and authorities not vested in the Board vest in the Governor and Deputy Governors, who are responsible for the management of the Bank.

Since 1921, the SARB has been served by 10 governors. The Governor also acts as the Chairperson of the Monetary Policy Committee, Financial Stability Committee, Prudential Committee and Governors’ Executive Committee. All Deputy Governors also sit on these committees.

 

The GEC is responsible for day-to-day decision making at the SARB. 

Its members are as follows:

  • Mr E L (Lesetja) Kganyago
    Governor
  • Dr R (Rashad) Cassim
    Deputy Governor
  • Ms N (Fundi) Tshazibana
    Deputy Governor and CEO: Prudential Authority
  • Dr M (Mampho) Modise
    Deputy Governor
  • Mr Mogam Pillay
    Group Executive: Currency Management
  • Ms Rebecca Tee
    General Counsel
  • Mr Pradeep Maharaj
    Chief Operating Officer

Click here for the GEC members' biographies.

 

Mr E L (Lesetja) Kganyago
Governor

Dr R (Rashad) Cassim
Deputy Governor

Ms Nomfundo (Fundi) Tshazibana
Deputy Governor and
CEO: Prudential Authority

Dr M (Mampho) Modise
Deputy Governor

Mr Mogam Pillay
Group Executive: Currency Management

Ms Rebecca Tee
General Counsel

Mr Pradeep Maharaj
Chief Operating Officer

The Monetary Policy Committee (MPC) is responsible for deciding on the appropriate monetary policy stance. The MPC meetings are chaired by the Governor of the Bank. It currently consists of five members of the Bank: the Governor, three Deputy Governors and one senior official of the Bank.

Its members are as follows:

  • Mr E L (Lesetja) Kganyago
    Governor 
  • Dr R (Rashad) Cassim
    Deputy Governor
  • Ms N (Fundi) Tshazibana
    Deputy Governor and CEO: Prudential Authority
  • Dr M (Mampho) Modise
    Deputy Governor
  • Dr C (Chris) Loewald
    Head: Economic Research Department
  • Mr David Fowkes
    Adviser to the Governors

Click here for the Monetary Policy Committee members' biographies

Mr E L (Lesetja) Kganyago
Governor

Dr R (Rashad) Cassim
Deputy Governor

Ms Nomfundo (Fundi) Tshazibana
Deputy Governor and
CEO: Prudential Authority

Dr M (Mampho) Modise
Deputy Governor 

Dr C (Chris) Loewald
Head: Economic Research Department

Dr David Fowkes
Adviser to the Governors

The Prudential Committee oversees the management and administration of the Prudential Authority (PA) to ensure that it is efficient and effective. It acts on behalf of the PA by:

  • authorising the CEO to sign Memoranda of Understanding;
  • delegating powers to the Financial Sector Conduct Authority (FSCA);
  • adopting the implementation of the regulatory strategy of the Prudential Authority, as well as administrative procedures;
  • appointing members of subcommittees;
  • making prudential or joint standards and other regulatory instruments;
  • determining fees; and
  • overseeing the implementation of any other matter assigned to the PA in terms of a financial sector law.

Its members are as follows:

  • Mr E L (Lesetja) Kganyago
    Governor and Chairperson
  • Ms N (Fundi) Tshazibana
    Deputy Governor and CEO: Prudential Authority
  • Dr R (Rashad) Cassim
    Deputy Governor
  • Dr M (Mampho) Modise
    Deputy Governor
  • Mr Denzel Bostander
    HOD: Financial Conglomerate Supervision
  • Mr Faizel Jeena
    HOD: Risk Support
  • Mr Kerwin Martin
    HOD: Banking and Insurance
  • Ms Olaotse Matshane
    HOD: Policy, Statistics and Industry Support
  • Ms Bonisile Ntutela
    Divisional Head: Policy, Statistics and Industry Support Department

Click here for the Prudential Committee members' biographies.

Mr E L (Lesetja) Kganyago
Governor and Chairperson

Ms Nomfundo (Fundi) Tshazibana
Deputy Governor and
CEO: Prudential Authority

Dr R (Rashad) Cassim
Deputy Governor

Dr M (Mampho) Modise
Deputy Governor 

Mr Denzel Bostander
HOD: Financial Conglomerate Supervision

Mr Faizel Jeena
HOD: Risk Support

Mr Kerwin Martin
HOD: Banking and Insurance

Olaotse Matshane
HOD: Policy, Statistics and Industry Support

Ms Bonisile Ntutela
Divisional Head: Policy, Statistics and Industry Support Department

The main function of the Financial Stability Committee is to consider periodic conjunctural and cyclical assessments of risks to the broad financial system, and to consider, initiate and monitor possible steps to mitigate them. Another logical function of the committee is to consider periodic qualitative assessments of the financial system’s inherent strength against objective standards such as the Financial Stability Board’s (FSB) “Twelve Standards” framework, and against the generic objectives of stability, efficiency and fairness. In late 2010, the SARB decided to elevate and reconstitute its Financial Stability Committee to a level equal to and alternating with the Monetary Policy Committee meetings.

Its members are as follows:

  • Mr E L (Lesetja) Kganyago
    Governor and Chairperson
  • Ms N (Fundi) Tshazibana
    Deputy Governor and CEO: Prudential Authority
  • Dr R (Rashad) Cassim
    Deputy Governor
  • Dr M (Mampho) Modise
    Deputy Governor
  • Dr Chris Loewald
    Head: Economic Research Department
  • Dr Nicola Brink
    Head: Financial Stability Department
  • Mr Tim Masela
    Head: National Payment System Department
  • Mr Charles Nevhutanda
    Acting Head: Financial Surveillance Department
  • Ms Olaotse Matshane
    Head: Policy, Statistics and Industry Support Department
  • Mr Denzel Bostander
    Head: Financial Conglomerate Supervision Department
  • Mr Faizel Jeena
    Head: Specialist Risk Support Department
  • Mr Kerwin Martin
    Head: Banking and Insurance Supervision

Click here for the Financial Stability Committee members' biographies.

Mr E L (Lesetja) Kganyago
Governor and Chairperson

Ms Nomfundo (Fundi) Tshazibana
Deputy Governor and
CEO: Prudential Authority

Dr R (Rashad) Cassim
Deputy Governor

Dr M (Mampho) Modise
Deputy Governor 

Dr Chris Loewald
Head: Economic Research Department

Dr Nicola Brink
Head: Financial Stability Department

Mr Tim Masela
Head: National Payment System Department 

Mr Charles Nevhutanda
Acting Head: Financial Surveillance Department

Ms Olaotse Matshane
Head: Policy, Statistics and Industry Support Department

Mr Denzel Bostander
Head: Financial Conglomerate Supervision Department

Mr Faizel Jeena
Head: Risk Support Department

Mr Kerwin Martin
Head: Banking, Insurance and FMI Supervision Department